22 Dec Business enterprises should respect human rights.
In June 2021 will be ten years since the “Guiding Principles on Business and Human Rights” were approved. These recognized the role of business enterprises to respect human rights, and the need of these to be matched to appropriate and effective remedies when breached – see more information here.
In these years progress has been made. Companies have incorporated these principles in their business operations -what it is now called “responsible investment”. They have issued internal policies which observe and respect human rights, and they have implemented due diligence proceedings in corporate transactions and investment operations. These tend to mitigate the potential corporate impact on the observance of these principles, which have also been considered when planning investment strategies.
This year the United Nations Global Compact initiative brought up the need to implement mandatory human rights “due diligence” proceedings. Is has issued the smart mix of measures proposal, which entails a combination of voluntary, compulsory, national and international measures in order to have the observance of human rights in the entrepreneurial arena – see more information here.
Big companies have already put in place policies which tend to protect human rights, in particular to supply chain divisions which might present higher risk due to their international component and atomized encounters. Nevertheless, and even these companies already comply with the advances on international law, we would recommend them -and to SMEs as well, to continue working in this field and stay tune on any new measures in order to continue protecting the rights that have grounded our societies.
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